There’s nothing like knowing that when it comes to filing tax returns, the rich and the powerful just like the rest of us aren’t let off the hook. And when it comes to the powerful there can’t be many higher on the list than one Mr. Barak Obama – so why not entertain yourself with a look at the President’s Tax Return recently made public?
For the 2012 tax year, Mr. Obama and his wife Michelle took home gross income of $608,611 and paid out $112,214 in taxes – their effective tax rate being 18.4%. The report from the White House also revealed that the couple donated an impressive one-fourth of their total income to charities, of which $103,871 was given to the Fischer House Foundation.
Various other good causes were graced by the President’s generosity including the Boys and Girls Club, the Red Cross and the school their daughters attend, Sidwell Friends.
Over the course of Obama’s term in office, the family’s income has plummeted with ongoing income from his various books and publications having slowed significantly. Back in 2009, the Obamas took home approximately $5.5 million in gross income. Last year this had shrunk to $789,674, which brought along a tax bill of $162,074 and total charity donations of $172,130 – which means that last year they paid a 20.5% tax rate.
Much of his presidential campaign has centered around the call for all Americans to pay their fair share and to ensure that lower-income families do not face any tax hikes in the near future.